OpenSea has become one of the leading markets for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, you can check out the channel’s review. They will guide the user through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like to read, let’s look over the basics before we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Wax Nft
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete, your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can use their browser to look for NFTs you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, movie props, or even the older technologies.
For NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or taken home. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT became a reality. As of today you can create digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as small video clip clips.
It is also possible to collect digital trading cards such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters, or even virtual worlds. One popular example can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller will be the one to charge the cost of the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller sets a price that will fall in the course of. Sellers usually set very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money through a portion of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be issued as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers receive up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay for or transfer funds. Wax Nft
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have experience or knowledge about coding or blockchain. Wax Nft
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it’s decentralized and offers one of the largest NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Wax Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea has a support team?
Yes, they have a support staff that can be reached via their contact form. Go to the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, therefore they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through its contact forms. Visit the official site and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they fluctuate every now and then.